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The credit rating is a judgment made by the credit-reporting agencies on repayment habits.This information helps determine someone’s level of risk for lenders in comparison to other consumers. The formula is straightforward: the more your repayment habits respect conditions and due dates, the better your credit rating will be.
Equifax and TransUnion are the main credit-reporting agencies in Canada.
The credit rating defines the financial reputation of a consumer. The higher the credit rating, the better the chance of obtaining credit from a financial institution or lender. Creditors use the credit report to decide on granting or refusing a loan and to set the interest rate. That is why the credit rating is crucial when the time comes to borrow major sums for such purchases as a house or car.
Conversely, a bad credit rating complicates the process to get a loan. A weak credit rating can also lead to indirect negative impacts, such as an inability to rent a dwelling. Fortunately, you can improve your credit rating by implementing certain measures. A Ginsberg Gingras professional can help you with this.
The credit report is an overview of your credit history. All contracted loans, credit cards and financing you have obtained are included in your credit report. The credit rating is another piece of information included in your credit report.
The Equifax and TransUnion credit-reporting agencies establish the credit score on a scale between 300 and 900 points. Good scores are those with high numbers. The higher the score, the less of a risk you represent to creditors.
Make your payments on time. Obviously, this is the best way to improve or maintain your credit rating. However, if you cannot pay the complete amount, at least make the minimum payment. You can also try to make arrangements with your creditors. For more information about improving your credit rating, please contact the professionals at Ginsberg Gingras.
If you have any concerns about the impact of your debts on your credit rating, feel free to contact a Ginsberg Gingras professional. We can answer your questions and offer you solutions so you can regain your financial reputation.
We will reply within 24 hours or on the next business day.